A preview of what's coming up in European trading later
Howdy, everyone! How have you all been over the last few days? I've only been gone for three days last week but I'm raring to go again after a nice short visit to the land down under.
We're having the typical slow start to the week again, but expect things to pick up as we move along.
Anyway, here is what's coming up on the calendar in European trading today:
0700 GMT - Switzerland March M3 money supply data
A measure of broad money in the Swiss economy. Low tier stuff.
0700 GMT - France April manufacturing, services, composite PMI
0730 GMT - Germany April manufacturing, services, composite PMI
0800 GMT - Eurozone April manufacturing, services, composite PMI
These are all preliminary readings for April, and expectations are for them to be a little lower compared to the previous readings for most components. Further signs of a slowdown in the Eurozone's "robust" growth will add more woes to the euro in Q2. I don't expect much immediate reaction in the euro - since it is a Monday as well - but expect stuff like this to weigh on sentiment in the bigger picture.
0800 GMT - SNB total sight deposits w.e. 20 April
Your weekly check of the deposits kept at the SNB by Swiss banks. This data is a proxy for FX interventions.
1000 GMT - Bundesbank releases its monthly report
Expect the usual rhetoric from Germany's central bank: defending economic growth projections, and calls for the ECB to normalise monetary policy.
Also at 1400 GMT there's ECB's Coeure speaking in Frankfurt. Coeure will be speaking in a conference on 'Resolution in Europe: The Unresolved Questions'.
That's all for European trading today. As always, I wish you all the best of days ahead and good luck with your trading!
